SNA XII - AKPM 92

ANALISIS REAKSI PASAR TERHADAP PENGUMUMAN

PERGANTIAN KANTOR AKUNTAN PUBLIK

(Studi Pada Perusahaan Publik Di Indonesia)

Dosen Politeknik Negeri Pontianak

dan mahasiswa Program Magister Akuntansi Universitas Brawijaya

Abstrak

This research aims to examine the effect of auditor switching on the investor behavior which is indicated by market reaction. Market reaction is measured using cumulative abnormal stock returns around the announcement date of auditor switching. This research also classify auditor based on their size, i.e. the Big Four and non-Big Four. The reason for this classification is the notion that there is difference in audit quality between the Big Four and non-Big Four.

The results of the analysis show that there is market reaction, which is indicated by negative cumulative abnormal stocks returns around the announcement date of auditor-switching to the switch are from Non-Big Four to the Big Four and from the Big Four to Non-Big Four. Based on these results I concluded that there is information content in the announcement of auditor switching, and investor perceived the announcement as bad news. The result also show that there is possibility investor do not perceived switching from Non-Big Four to the Big Four as companies’ effort to obtain better audit quality for their financial statements.

Keywords : Audit quality, auditor switching, cumulative abnormal stock returns, information content, market reaction.